Growth of prices at Kyiv hotels hits record

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Growth of accommodation prices in Kyiv's hotels for the period of hosting the final of the UEFA Champions League on May 26 hit records among hosting cities in the past six years, CBRE Ukraine (Kyiv) has told Interfax-Ukraine.

The company said that prices of hotels in Kyiv for the period of the final match grew 30-45-fold three weeks before the event. In Cardiff (the UK) prices grew by 30 times last year.

For comparison: the prices for accommodation in hotels in Milan for the Champions League in 2016 increased 12 times, in Berlin in 2015 - nine times, in Lisbon in 2014 - 13 times. The prices in London in 2013 grew four times (the smallest growth).

"It should be noted that as the date of the championship approaches, the cost of remaining vacant numbers is correspondingly increasing, in some cases reaching even 45 times higher than usual, which occurs against the backdrop of small supply. The most representative indicator will be Average Daily Rate (ADR) in May, which we will receive after the championship," CBRE said.

According to the consulting company, the hotel market in Kyiv is not able to meet the entire demand for the event with a high-quality room fund, despite the introduction of Aloft and Ibis Kyiv Railway Station hotels in 2018.